CORRECTION: EIA Weekly Distillates Stocks A Draw Of 3.312M Vs A Build Of 0.040M Est.; Draw Of 1.673M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a draw of 3.312 million barrels in weekly distillate stocks, contrary to the expected build of 0.040 million barrels. This is a significant change from the prior draw of 1.673 million barrels.
August 21, 2024 | 2:31 pm
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POSITIVE IMPACT
The unexpected draw in distillate stocks reported by the EIA could lead to a short-term increase in oil prices, potentially benefiting the United States Oil Fund (USO).
The larger-than-expected draw in distillate stocks suggests tighter supply, which can lead to higher oil prices. USO, being an oil fund, is likely to benefit from this price increase.
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RELEVANCE 80